Financial/Credit Examiner I - DORA: Division of Insurance Hybrid

at  State of Colorado Job Opportunities

DESCRIPTION OF JOB

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. Unlike banking and other financial services, there is no federal oversight of the insurance industry in the United States. The insurance industry is regulated by individual states through coordinated efforts with the National Association of Insurance Commissioners (NAIC). State insurance commissioners established the NAIC to set standards, set best practices, conduct peer reviews, and coordinate their regulatory oversight of the insurance industry. Colorado is a member of the NAIC.
DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The Division regulates and monitors insurance companies in Colorado, as well as insurance producers, ensuring all are following the law. Consumers purchase insurance to protect against a future loss. Insurer insolvencies negatively impact consumers’ income, retirement benefits, medical treatments, replacement of damaged/stolen assets, etc. Insurance regulation involves two fundamental functions, financial/solvency regulation and market regulation. The financial examinations work unit is responsible for the verification/examination function of financial oversight of Colorado domestic insurance companies.
DOI financial oversight on a broad range of regulatory activities, including financial reporting, insurer licensing, financial analysis, and financial examinations. The division’s financial oversight function reports to the Chief Deputy Commissioner of Finance. The financial examinations work unit of the DOI performs continuous onsite and offsite monitoring/analysis of financial, non-financial data, and management representation to identify excessive risk. The financial examination work unit determines compliance with the law, supervises insurer operations, and monitors emerging financial problems with the goal of protecting policyholders; and collaborates with other sections of DOI, other states’ insurance regulators, and the NAIC on special projects and task forces to problem solve specific state and national insurance industry issues.
Position: SFA 4155
This position is involved with the performance of risk-focused financial condition examinations and targeted investigations; assists in evaluating relevant controls and appropriate risk mitigation strategies that address identified risks; performs tests of controls to evaluate their effectiveness and verifies compliance with appropriate statutes, regulations, the Financial Condition Examiners Handbook, and the Accounting Practices and Procedures Manua; and performs examinations that are subject to NAIC accreditation guidelines and deadlines.

Duties include, but are not limited to:

• Performing audit/examination processes utilizing financial accounting and auditing principles/practices to determine compliance with applicable statutes and regulations, including verification of annual statement reported assets and liabilities;
• Performing tasks within the TeamMate+ software per the requirements of the Financial Condition Examiners Handbook; handling multiple financial examination tasks, including writing memos, reviewing the company responses, and writing summaries of work performed;
• Obtaining and compiling the necessary background information and the history of the company being reviewed, including information on the company from various sources, i.e. the financial analyst, i-Site, company website, any prior filings with the DOI, any prior exam work papers, and any prior reports of examination;
• Helping with the financial analysis function in managing workload during certain times of the year, including helping with monitoring the financial condition of companies by performing offsite financial analysis to identify unusual results, concerns, and solvency risk.

OPTION 1: EXPERIENCE:

• Five (5) years of full-time professional* experience working in the insurance industry (life, health, or property and casualty insurance) or in a government agency with financial analysis or auditing experience; and/or conducting financial examinations and/or audits of financial and insurance entities.

Option 2: A Combination of Education AND Experience

• Associate’s Degree and Experience: Graduation from an accredited college or university with an associate’s degree in accounting, finance, business administration, economics, statistics, mathematics, or in a field of study related to the work assignment; AND
• Three (3) years of full-time professional* experience working in the insurance industry (life, health, or property and casualty insurance) or in a government agency with financial analysis or auditing experience; and/or conducting financial examinations and/or audits of financial and insurance entities.

OR

• Bachelor’s Degree and Experience: Graduation from an accredited college or university with a bachelor’s degree in accounting, finance, business administration, economics, statistics, mathematics, or in a field of study related to the work assignment; AND
• One (1) year of full-time professional* experience working in the insurance industry (life, health, or property and casualty insurance) or in a government agency with financial analysis or auditing experience; and/or conducting financial examinations and/or audits of financial and insurance entities.

Document this experience in your application IN DETAIL, as your experience will not be inferred or assumed. Part-time experience will be prorated.

• Performing audit/examination processes utilizing financial accounting and auditing principles/practices to determine compliance with applicable statutes and regulations, including verification of annual statement reported assets and liabilities;
• Performing tasks within the TeamMate+ software per the requirements of the Financial Condition Examiners Handbook; handling multiple financial examination tasks, including writing memos, reviewing the company responses, and writing summaries of work performed;
• Obtaining and compiling the necessary background information and the history of the company being reviewed, including information on the company from various sources, i.e. the financial analyst, i-Site, company website, any prior filings with the DOI, any prior exam work papers, and any prior reports of examination;
• Helping with the financial analysis function in managing workload during certain times of the year, including helping with monitoring the financial condition of companies by performing offsite financial analysis to identify unusual results, concerns, and solvency risk